Did you know you can sell all or a portion of a life insurance policy, even term insurance?
(3 minute read)
Though it may only be a rough estimate, life expectancy is still a helpful measuring stick in our daily lives. These numbers are a reflection of many factors, some good—such as medical advancements or social safety nets – and some bad—such as disease and pandemics. Regardless, over the previous decades, centuries, and beyond, we’ve seen more and more people able to live a longer, healthier life. While everyone’s life and bodies are different, planning for one’s future is something we all must do. Let’s take a look at the current life expectancy numbers for 2020 and find out what it means for retirees and their families.
Life Expectancy by the Numbers
After several years of steady or declining numbers, U.S. life expectancy is finally on an upswing. According to statistics published by the Centers for Disease Control and Prevention, an infant born in 2020 is projected to live for 78 years and 8 months. For men, the exact number is 76 years and 2 months; for women, it’s longer, coming out to 81 years and 1 month. These ages represent a .008% increase from 2019. Now, that may not seem like much; in fact, it is a fairly small uptick. But experts at the CDC say this represents positive momentum for several reasons.
From 2014-2017, the U.S. saw a dramatic rise in overdose deaths. Prescription opioids like fentanyl and illegal street drugs took a severe toll on the country. In addition, 2018 was a year of increased number of suicide deaths and flu deaths, due to a particularly difficult flu season. And, of course, there are the usual suspects like cancer and heart disease.
The good news of 2020 is that most of these trends are heading the other way. Heart disease rates dipped slightly by 1%, cancer mortality fell by 2%, and the death rates for stroke, Alzheimer’s disease, chronic lower respiratory diseases, and unintentional injuries all saw decreases in 2019.
Importance of Life Expectancy for Retirees and Seniors
All of these numbers play a big role in life expectancy. The same can be said for issues like COVID-19, which undoubtedly will have a huge impact on next year’s numbers. However, for now, Americans who were 65 in 2018 can reasonably expect to live, on average, another 19 years and six months. If you’re using these numbers to plan your retirement, it’s important to think ahead, as well as consider your own health status.
Did you know you can sell all or a portion of a life insurance policy, even term insurance? Selling an unwanted life insurance policy is no different than selling your car, home or any other valuable asset that will create immediate cash. Contact us today to learn more.
Life Settlement Advisors